Singapore Stock Market News
Ezra Holdings - No deal
StockFanatic
Publish date: Tue, 20 Aug 2013, 12:54 PM
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Industry sources have reported that Samsung Heavy Industries (SHI)
has failed to obtain its management's approval for an acquisition of
Ezra to spearhead SHI's new thrust into subsea. We believe a lack of
track record on the part of Ezra could have been the deal stopper.
SHI started to look at M&As in the
subsea business from 2011, to
diversify away from the crowded
commercial shipbuilding and
offshore business. Ezra was one of
its targets. We are doubtful of Ezra's
traction in subsea, both in winning
sizeable orders and profitability,
which may be de-rating catalysts for
our intact Underperform rating. Our
target price stays at 10.5x CY14 P/E,
-1SD from its 5-year mean.
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